Sustainable agriculture technology (AgriTech) startup nextProtein, with headquarters in Paris and Tunisia, has announced the close of a €18 million (approximately $20.7 million) Series B funding round.
The round was led by Blue Ocean, a fund managed by Swen Capital Partners, and British International Investment (BII). Existing investors Mirova and RAISE Impact also participated, alongside a €4 million debt facility from Société Générale, CIC Paris Innovation, and La Banque des Start-ups by LCL.
Fueling A New Era of Production
The new capital will be used to construct nextProtein’s second and largest production facility in Tunisia. This new site is projected to have an annual capacity of 12,000 tons of insect-derived ingredients, including 2,500 tons of high-quality protein powder.
This expansion is a key part of the company’s strategy to scale the use of sustainable protein ingredients within the global aquafeed, animal feed, and pet food markets.
From Waste to Value
nextProtein has developed a process that converts low-value agricultural and food waste into high-quality components using Black Soldier Fly (BSF) larvae. The company’s core products include nextMeal (a protein powder), nextOil (an insect-based oil), and nextGrow (a bioactive fertilizer).
These sustainable products serve as resource-efficient alternatives to traditional feed ingredients like fishmeal, helping to alleviate environmental pressure on global food supply chains.
Mohamed Gastli, Co-founder and CEO of nextProtein, explained that the company’s model is built on operational efficiency and minimizing production costs. “We are addressing the most significant industrial bottleneck in our sector by providing cost-effective ingredients that can be easily integrated into global supply chains,” he stated.
Navigating a Challenging Sector
This significant funding round comes at a time when the insect protein industry faces operational hurdles, highlighted by the recent closure of South Africa’s Inseco due to energy crises. However, nextProtein and its investors are confident in the company’s resilient and innovative model to overcome such obstacles.
“The challenge today is not in proving the effectiveness of insect protein—that is already established—but in making it competitive in cost and availability with traditional commodities. This is what we are achieving,” said Syrine Chaalala, Co-founder and Managing Director.
Metir Ben Arbia, COO of the company’s Tunisian branch, added that continuous R&D has enabled the team to optimize production and test over 100 types of raw materials to enhance the feed conversion rates of the larvae.
Investor Confidence in Tunisian Innovation
Investors have expressed strong confidence in the company’s strategic approach. Julie Peyrache, Investment Director at Swen Blue Ocean, commented, “The focus on industrial efficiency and competitive cost positions nextProtein at the forefront of those turning insect-based protein into a scalable global commodity.”
The investment also marks a significant milestone for Tunisia’s startup ecosystem. “This represents our first direct investment in Tunisia, a step that paves the way for attracting more investment into climate-focused startups supporting environmental innovation in Africa,” said Shirin Shahdy, Head of North Africa at BII.
With this new funding, nextProtein is set to transition insect-based protein from a niche, sustainable product into a mainstream global commodity, contributing to a more efficient and sustainable future for food production.
About nextProtein
Founded by Mohamed Gastli and Syrine Chaalala, nextProtein is an AgriTech company that produces sustainable, insect-based ingredients for the animal feed industry. Using Black Soldier Fly larvae, the company upcycles organic waste into high-quality protein powder, oil, and fertilizer, providing an alternative to resource-intensive traditional feed components.
Source: Arab Founders
